Musk Leads Silicon Valley Rally Behind Trump

Elon Musk's decision to throw his vast fortune behind Donald Trump's presidential candidacy confirms the rise of a growing right-wing bloc in the traditionally liberal Silicon Valley.

US media reports indicate that Musk and a group of tech investors are contributing to a Super PAC -- a specially designed fund that can spend unlimited amounts on political candidates and causes.

The Wall Street Journal reported that Musk plans to donate $45 million monthly to 'America PAC,' a fund focused on electing Trump, starting in July.

Although Musk stated just months ago that he would not donate to either Trump or President Joe Biden, the right-wing bent of his X platform and his steady flow of incendiary tweets have made his political allegiance clear.

Moments after the assassination attempt on Trump last weekend, Musk said he fully endorsed Trump.

Joining Musk in funding Trump are other, less well-known tech figures motivated by various interests.

These include boosting cryptocurrencies and opposing Biden-appointed regulators who are keeping a closer watch on the tech sector.

Predominantly male and white, Trump's Silicon Valley backers are most united in their loathing of so-called woke ideology, which they claim promotes diversity and equality at the expense of efficiency and excellence.

Many of these Silicon Valley mavens rolled out the red carpet for Trump at a fundraiser last month.

This was hosted by David Sacks, one of the members of the so-called PayPal mafia -- a group that includes -- Musk, who worked at that late 1990s startup and since became the representatives of Silicon Valley's growing right-leaning faction.

Sacks's support earned him a speaking spot at the Republican National Convention, which officially named Trump as the party's candidate.

"In my hometown of San Francisco, Democrat rule has turned the streets of our beautiful city into a cesspool of crime, homeless encampments and open drug use," the South African-born Sacks told the delegates, referring to the Democratic ticket for president.

Another member of the PayPal mafia is Peter Thiel, a German-born arch conservative who closely associated himself with Trump when he entered the White House.

After the assault of the US Capitol in 2021, Thiel said he would stay out of politics and has since become a sort of philosopher king of Silicon Valley's right-wing.

But Thiel contributed heavily to the Senatorial campaign of J.D. Vance, the hard right 39-year-old who was picked by Trump as his vice presidential candidate.

Also planning the Trump fundraiser was Chamath Palihapitiya, a former Facebook executive who, along with Sacks, co-hosts the All-In podcast that has become a must listen for the conservative tech-minded.

Palihapitiya was once a cheerleader of special purpose acquisition companies, or SPAC's, a controversial avenue for companies to go public, under the radar of regulators, by using shell entities.

The practice fizzled after the US Federal Reserve hiked interest rates, throttling the venture capital business and embittering many in Silicon Valley to Biden's economic policies.

On Tuesday, The Information reported that Marc Andreessen and Ben Horowitz, who run one of Silicon Valley's most prominent venture capital firms, were also backing Trump.

The pair's company is heavily invested in cryptocurrencies and last year created a political war chest to make trouble for lawmakers who want the nascent industry more heavily controlled.

Crypto billionaires Cameron Winklevoss and Tyler Winklevoss are also Trump donors, and attended the fundraiser for the former president in June.

Trump's embrace of crypto has changed from a more hostile stance previously and hopes are that he can help revive the industry in the wake of major scandals and bankruptcies.

The former president "will put an end to the Biden Administration's war on crypto," Cameron Winklevoss said in June.

Closing out Trump's fellow travelers in Silicon Valley are top executives from Palantir, a data analytics firm co-founded by Thiel that specializes in national security work.

Palantir's co-founder Joe Lonsdale is contributing to the pro-Trump Super PAC, and rails against what he calls Biden's left-wing priorities like affirmative action and regulation.

"Our country is stalled because you have these crazy people in charge," Lonsdale told CNBC this month, speaking of the Democrats.